In an annual report by Live Baltimore, 2024 data indicated a stable residential market with affordable, wide-ranging inventory despite nationwide challenges in the housing market.
Live Baltimore released its 2024 State of the City market report outlining Baltimore’s residential real estate market data for the 2024 calendar year.
The Live Baltimore report compared data from Baltimore City and the surrounding region, using metrics like year-over-year statistics for home purchases, dollar volume, median price, and days on the market. There was not much variation year-over-year in the post-COVID housing market, as interest rates stayed high and rising property costs helped throw cold water on purchasing, but that is consistent with the statewide and national residential real estate market.
Baltimore City’s market, however, showed significant stability and potential, with Live Baltimore reporting optimism heading into 2025. For example, housing prices are up, as median housing price increased by 5% year-over-year to a record high of $220,000.
Another positive remains Baltimore City’s affordability compared to the surrounding regions. Median prices in surrounding counties can run as high as $605,000, which places the city in a much better position in the market.
Rising inventory combined with a lower average number of days on the market than pre-pandemic times also signal good things for Baltimore City real estate. 2024 saw a 5.10% increase in new listings over 2023, which is higher than in most neighboring counties. The average days on market did rise over last year by three days (a 7% increase) but remains lower than before COVID struck the nation.
In 2024, homes were purchased in 240 Baltimore City neighborhoods – only one less than the previous year. Of those neighborhoods, 97 saw an increase in home sales, and 80 saw increases of 10% or more. The 10 hottest neighborhoods for home-buying remain largely the same as in 2023, including Canton, Belair-Edison, Riverside, Washington Village/Pigtown, and Hampden. South Baltimore rejoined the list after falling off in 2023, and McElderry Park, which was a new addition last year, dropped off the list this year.
The report noted that homes sold quickly in areas near newly developed shopping centers and commercial amenities, like the Village of Cross Keys and Yard56 in Bayview. This is evidence of strong buyer demand in neighborhoods with easy access to retail and services.
“The Baltimore City market demonstrated resilience and stabilization in 2024, with minimal year-over-year variation,” said Jordan Klumpp, Live Baltimore’s Business Relationship Manager. “Baltimore remained a standout for affordability, offering buyers opportunities they simply couldn’t find elsewhere in the region. All of these signs reflect a pivotal shift toward a healthier market, one Live Baltimore is excited to support through our wide variety of homebuyer incentives and supports.”
